Islamabad, May 27, 2015 (PPI-OT): Hungary was interested to promote trade cooperation with Pakistan as Pakistan was a promising country for business and investment, observed H.E. Mr. Istvan Szabo, Ambassador of Hungary during an interaction with business community at Islamabad Chamber of Commerce and Industry.

He said bilateral trade of US$140 million during 2014 between Pakistan and Hungary did not reflect true picture as both countries had great potential to promote two-way trade. He said Hungary was located in the heart of Europe while Pakistan occupied a key location to get easy access to South and Central Asia, Middle East and other regions. He said geostrategic location of both countries offered tremendous scope for win-win outcomes by strengthening cooperation, especially in trade and economic fields.

He said both countries should encourage exchange of high-level visits to lay foundation for long term business partnerships. He said cultural diplomacy could help in bringing people closer and Embassy of Hungary was focusing on cultural events to promote people-to-people contacts between Pakistan and Hungary. He said ICCI should send its delegation to Hungary to explore new avenues of mutual cooperation while his Embassy will facilitate the delegation’s visit. A detailed presentation was also given to highlight the agriculture potential of Hungary.

In his welcome address, Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce and Industry said that Pakistan attached great importance to promoting trade and exports with Europe and wanted to enhance cooperation with Hungary for getting better access to European market.

He said the best way of promoting two-way trade was to facilitate frequent exchange of business delegations and give major roles to private sectors for strengthening business ties. He said there were good prospects for Hungarian investors to invest in diverse sectors of Pakistan’s economy, especially in agriculture, information technology, automobiles, medicines, housing and alternative sources of energy.

M. Shakeel Munir Senior Vice President and M. Ashfaq Hussain Chatha Vice President ICCI said Hungary should help Pakistan in improving agriculture productivity by transferring latest technology and sharing advance knowledge and expertise. They said both countries should also strengthen cooperation in scientific and education fields to share knowledge and experience for mutual benefits.

They assured that ICCI would like to work with Hungarian Embassy for bringing private sectors of both countries even closer who were main stakeholders for improving business relations. Zahid Maqbool, Naeem Siddiqui, Babar Chaudhry, M. Ejaz Abbasi and others were also present at the occasion.